Section 162(m). In the event compensation payable to the Executive hereunder in any single tax year would result in the non-deductibility of a portion of such compensation by the Company solely by reason of Section 162(m) of the Internal Revenue Code of 1986, as amended, then, and in such event, the Company shall be permitted to defer payment of such non-deductible amount to the Executive to be paid to him on the first day of the succeeding tax year of the Company.
Appears in 4 contracts
Samples: Employment Agreement (Ace Comm Corp), Employment Agreement (Ace Comm Corp), Employment Agreement (Ace Comm Corp)
Section 162(m). In the event compensation payable to the Executive hereunder in any single tax year would result in the non-deductibility of a portion of such compensation by the Company solely by reason of Section 162(m) of the Internal Revenue Code of 1986, as amended, then, and in such event, the Company shall be permitted to defer payment of such non-deductible amount to the Executive to be paid to him on the first day of the succeeding tax year of the Company.
Appears in 2 contracts
Samples: Employment Agreement (DRS Technologies Inc), Employment Agreement (DRS Technologies Inc)
Section 162(m). In the event compensation payable to the Executive hereunder in any single tax year would result in the non-deductibility of a portion of such compensation by the Company solely by reason of Section 162(m) of the Internal Revenue Code of 1986, as amended, then, and in such event, the Company shall be permitted to defer payment of such non-deductible amount to the Executive to be paid to him her on the first day of the succeeding tax year of the Company.
Appears in 1 contract
